Q2 2026 MGM Resorts International Earnings Call Transcript
Key Points
- Record second quarter consolidated net revenue driven by year-over-year growth in Las Vegas Strip resorts, all-time best regional operations same-store quarterly revenue, and 20% revenue growth at MGM Digital.
- Group and convention business remains strong, with a 20% room mix in Q2 and the highest second-quarter convention ADR and catering/banquet revenue in company history.
- MGM China maintained solid market share of 16.4% in Q2, with a sequential increase of one percentage point, and volumes rebounded strongly in July after World Cup disruptions.
- The all-inclusive offer at Luxor and Excalibur drove nearly half of booked guests as first-time visitors, stabilizing occupancies and improving the value narrative.
- MGM Digital reported double-digit revenue growth and is progressing toward profitability, with international operations like LeoVegas expected to self-fund growth investments in Brazil by 2027.
- Las Vegas RevPAR declined slightly due to continued challenges at lower-end properties like Luxor and Excalibur, despite overall revenue and EBITDA growth.
- MGM Digital reported segment adjusted EBITDAR losses of $31 million in Q2, though full-year losses are expected to be less than last year.
- June volumes in Macau were temporarily impacted by the World Cup, causing a dip in business despite a strong rebound in July.
- The promotional environment in Macau remains intense, requiring ongoing investment in products and services to maintain market share.
- Las Vegas leisure demand at the lower end remains soft, with the city still down 3.5 million visitors from its all-time peak, partly due to reduced international travel.
Good afternoon and welcome to the MGM Resorts International, second quarter 2026 earnings conference call. Joining the call from the company today are Bill Hornbuckle, Chief Executive Officer and President. Aisha Molino, Chief Operating Officer. Jonathan Halkyard, Chief Financial Officer. Gary Fritz, Chief Commercial Officer and President of MGM Digital. Kenneth Fang, Chief Executive Officer of MGM China Holdings. And Howard Wang, Vice President, Investor Relations. Participants are in listen-only mode. After the company's remarks, there will be a question-and-answer session. In fairness to all participants, please limit yourself to one question and one follow-up. Please note this conference is being recorded. Now I would like to turn the call over to Howard Wang, please go ahead.
Thanks. Welcome to the MGM Resorts International second quarter 2026 earnings call. This call is being broadcast live on the internet at investors.mgmresorts.com, and we have also furnished our press release on
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